Growing Money

Go through all the items in your home and see what you don’t use or need anymore. Like they said, “your junk can be someone’s treasure.” It is therefore a good idea to turn all these no-use items to money for you.

This idea can serve two purposes. First, you get a chance to clean up your house and make more space. Second, you get to earn back a little money for getting rid of all that stuff.

I have a lot of things I want to get rid of in my apartment as well. There’s definitely a lot of junk in my place. I’m just concern about selling big items because I would have problems shipping them. In any case, I need to go with this idea, because more than the money itself, I really want to clean up my place. I have a lot of magazines. If you’re interested, let me know.

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I have done some tech support before. I used to fix computers on the weekends for people for a measly fee. I guess I was shy about the price, but I’ve learn when you want to run a business, you really can’t be shy about charging people or anything in that matter. Income is the key to your success, so *chuckles* you better bill them or you’ll be out of business.

I’m thinking of bringing this computer hobby back and make some side money. Despite the Internet and computer growth a lot people are still unfamiliar with installing an operating system or even just plain installing MS Office. Therefore, I can become handy.

Also, I live in an apartment complex where people are very well off. I’m talking about 100K/year and up, so I’ll put them into the higher income-earning demographics. Just the kind of people I need to seek business with. Now the question is how do I get the message out?

I don’t want to be knocking on everyone’s door and soliciting them for my business. Instead, I’m thinking of printing business cards and passing them out as I meet the people. That may seem slow though, but since it’s only a hobby/experiment, I’m not going to rush it.

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I was told that the books on tax laws stack up from floor to ceiling in a huge room and it is impossible for anyone to finish reading all the materials in a lifetime. There are way too many tax codes, deductions, credits, and all that matter. The government needs to clean up some of this stuff. Calculating and filing taxes should be easy. I understand the need for tax credits and deductions for mortgages, student loans, and things like that, but that should be easy to find and calculate on the tax form.

I know some people who are strongly in favor of a simple flat tax rule. Say, 15% and everyone’s earnings will be taxed at that rate. Therefore the more you earn the more you pay — fair and square. If Joe makes 10,000 a year, he will owe $1,500 in taxes. If Bill makes a million, he will owe $150,000. Think how simple everyone’s taxes will be then. CPAs’ will hate this idea, but tax filers will be able to fill out their 1040 quickly and send it in on time. Auditing also becomes so much easier. Tax loopholes/cheats get eliminated and that’s a good thing. Everyone pays their fair share. The government will have more money and the people should benefit from that.

This is all optimistic thinking, but they’re already doing this in Europe.

Added 4/29/05
“The hardest thing in the world to understand is the Income Tax.” - Albert Einstein
Source: SavingAdvice.com

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One of the best ways to earn additional income around the clock is to create a website that draws a lot of traffic and generates revenue for you. The more audience you can attract the better. Once you have a popular site, you can think of ways to make money off that. Of course, it’s not as easy as you think.

The best kind of website to create is one that you are interested in. This is very important because your interest is deeply reflected in the quality of the site. If you’re really motivated in keeping the site updated and interesting, people will see that and they will keep going back.

There are so many different kind of websites you can do. For example, if you’re good at writing and like to eat, you can start a food critic web page. There are tons of food sites, I know.. but again, quality and dedication makes a difference between you and the competition. One thing I always learn is to start small when you’re venturing out. Do some reviews in your local neighborhood first so you people can see that you are an expert in that area. Then you can start venturing out and write about restaurants in nearby neighborhoods.

Just when you think all the ideas are already exhausted, I found something new. Take a look at RapidShare. They give out free temp space for users to share files, and they load up the page with ads. But since this is a great way to share files, it attracts many audience and ads get tons of impressions. In addition, they restrict downloads to a certain amount and charge users if they want to lift that download cap. RapidShare also does web hosting. I think the whole web space + hosting business is a great idea.

So as you can see, it’s still possible to come out with great ideas on the net. Just think what else could be useful for people. You may have a great idea, just put it to work and you may be making more money than sitting in your couch during your free time thinking about the possible website you would have.

I’m just getting started on a website that I wanted to do. No word on it yet, but it’ll be fun for me… even if I don’t make money. I guess that’s how you should look at it. Even if I don’t earn much, at least I learn.

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I already have a full-time job but a little side income wouldn’t hurt. Better yet, if I can have something working for me 24/7, that would be one step ahead in the rat race. One step at a time, I hope I eventually can create enough side income coming towards my pocket I wouldn’t need to rush to work in the morning. Work can be very dreadful sometimes.

It’s intersting to note how the government taxes “hard” labor more than investments. Let me explaing. By “hard” labor I mean physical work you do. If you have a job, your wages are subject to regular income tax of up to 35% or more. However, capital gains held over a certain period of time are only taxed at 15% or less. There seems to be a big flaw here. Wage earners are usually low and middle income people who work hard to earn living yet they get heavily tax. Meanwhile, the wealthy usually have most of their money in stocks, mutual funds, real estatest, etc. and those passive/portfolio earnings get tax breaks. Looks like the poor gets poorer and rich gets richer. Therefore, by looking just at structure of the tax system, you can see the weight is really on the working class. I can’t make get ahead by working alone. I must also have money working for me or have my own business.

My dream is to have money pouring into my pockets even if I just sit at home and watch TV. I have a lot of ideas in mind and I’m thinking of putting one or two of them in action. Check out one of my ideas on Money-Making Idea #3 post.

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I’ve been really inspired by the money they made off advertisements in Apprentice, so I’ve been thinking of more ideas. In one episode of the first season, one team had advertisements on the rickshaws and made more than a thousand of dollars in one day. Instead of rickshaws, I can go on foot. Since I jog along the river on the weekends, maybe I can pass out flyers on the way. The only problem with flyers is that people throw them on the ground. So I thought, why not print ads on napkins — at least there’s a use for them. Other joggers or pedestrians may need to wipe their face, hands, or just hold it in their pockets until necessary.

To further explore this idea. The napkins can be distributed to restaurants and have the napkins placed on the tables. That’s one of the first things you notice when you sit down in a restaurant. And napkins are always used so the chances of people seeing the ads are high. Of course, the prints on the napkins will be safe to wipe your mouth.

Now, I’ll just have to find sponsors to invest money on my idea. I can give out free napkins to restaurants. It’s good for them too since they’ll save money on that — not a lot of money, but think long term… free napkins for life. On weekends, I can go jogging and pass out napkins for people who need to wipe the sweats out of their face or messy people who spill soda on their pants, or just curious bystanders trying to get free stuff. People will look at napkins and they will be brainwashed with the ads on them. Napkins are useful, so most people will fold them and put them in their pockets or bags. In addition, I’ll have a dozen “DON’T LITTER” fine prints around the edges of the napkin to reinforce the message.

Overall, I think the idea carries some weight and deserves to be explored.

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I’ve been just thinking about different ideas to make money. Here’s one off the top of my head. This is very similar to the one of the episodes in Apprentice. Donald Trump shows his new bottled water, The Trump Ice.

I have an idea quite similar to that. It is to create your own bottled water but have a small section of it for advertisement. I think that’s the best way to get your ads out. Have the bottled water distributed for free in parks and populated areas to draw the most attention. I think there’s money to be made there. Feel free to critique.

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One strategy to take advantage of interest rate upswing is to purchase several multiple-term CDs, also known as CD ladder.

Suppose you have $5,000 to invest. You would purchase a $1000 1-year CD, a $1000 2-year CD, a $1000 3-year CD, a $1000 4-year CD, and a $1000 5-yr CD. As each CD matures, you would renew it for the new 5-year CD. This way you will always lock up at the highest interest rate.

Let’s take a look at a real example with ING DIRECT’s CDs:
1 Year 3.60%
2 Year 4.00%
3 Year 4.15%
4 Year 4.25%
5 Year 4.35%

If you do a CD ladder with equal amounts for each of the years, your average interest rate would be 4.07%. This is higher than the 1-year CD and more flexible than the 5-year CD alone. With a CD ladder you will have a CD maturity every year and you can take that money out if you happen to need it during that time.

CD ladder is a great strategy to participate in the highest yields as interest rates go up.

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Home

• During hot days, open windows and doors to create air flow (You don’t always need the AC)
• Keep nice and tight insulation in your windows to retain heat or air conditioning
• Turn off the lights when you are not there or at night (Sleep early and wake up early. It’s better for your health and saves you money.)
• Unplug unnecessary electronic (Unplug your iron and hair dryer when you’re finished. It saves money and creates a saver environment.)
• VoIP (If available to you, can save you a lot of money)

Car

• Take public transportation if you can
• Buy the lowest class fuel your car can run without damaging the engine
• Wash the car yourself

Work

• Bring food from home (cheaper and healthier)
• Use coupons
  Subway coupons
  Quizno’s coupons

In general, try to stay indoors more often so you don’t pay expensive prices for food, drinks, tips, and things of that sort. Who says you can’t stay in and have fun?

Indoor Activities

• Throw a party at your home - Beers are a lot cheaper when you buy them by the dozens in a supermarket or a local store. Add in some chips and snacks, it shouldn’t cost you too much per head. $100 can only buy you several drinks in a bar, but that same amount can buy you dozens and dozens of beer and enough snacks/chips to last you until you’re sober again.
• Buy groceries and cook with your friends - Drunk friends can really mess up your place quick. Here’s something to do that will keep you sober and this can be very fun. It sure is cheaper than the overprice dinners you have outside.
• Rent a movie to watch it indoors - Too lazy to do anything? Movies can kill a lot of time. Ask those who watch The Lord of The Rings trilogy in one sitting.

When you’re just tired of indoors or the weather is too nice to resist going out. Here are some activities are that still great and inexpensive.

Outdoor Activities

• Take a walk in the park - Nice weather? Take a stroll with an interesting friend(s) who can keep you entertained while you’re enjoying the sun and burning calories.
• Beach - Cheap, fun, lots to do. Swimming is a great cardiovascular exercise.
• Art Galleries - If you’re into it. I live near tons of galleries, never been in one.
• Museums - Cheap, exhilarating for the cultured. For others, skip.
• Window shopping - The trick is not to buy. If that’s impossible, skip.
• Bands - Sometimes free or cost next to nothing.
• River to River - American Express sponsored program in NYC. Most events are free, some cost very little.

That’s about it for now folks. It’s 2am and I should go to sleep now. I have to wake up early for work tomorrow (ugghhh…). I’ll add to the list later. Feel free to give suggestions.

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I changed the template on my blog to a more a brighter theme. Do you guys like it?

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